"To help put things in perspective, the Peterson Foundation calculated the federal government accumulated $56.4 trillion in total liabilities and unfunded promises for Medicare and Social Security as of September 30, 2008. The numbers used to calculate this figure come directly from the audited financial statements of the U.S. government.
If $56.4 trillion in financial commitments is too big a number to digest, think of it as $483,000 per American household, or $184,000 for every man, woman and child in the country." http://www.cnn.com/2009/POLITICS/04/15/walker.tax.debt/index.html
But, John Williams of Shadowstats.com calculates that the total tax liabilities for both this past fiscal year and current one (including those unfunded liabilities) will reach $9 trillion or about $30,000 for every person (per year) in the U.S. You can see that $184,000 figure has shot up well past $200,000 in the last 13 months.
So, let's see. Forty percent of mortgage holders in the U.S. are currently under water on their mortgages. Every household of 4 also owes more than $800,000 as their share of the federal deficit. (And do you think those households already on welfare or below the poverty level will ever pay off any kind of debt?) With the unemployment rate at 10.2% and growing, fewer people are paying taxes, FICA and medicare tax. So the debts of this country are exploding higher while tax revenues are plummeting. Obama says the deficit will be $1.5 trillion this fiscal year. John Williams more accurately calls for $9 trillion. That does not include the cost of the new healthcare bill handout that our democratic party wonks want to bestow on the needy.
So here's my compound question. When do you think the music will stop?....and will you find one of the few remaining chairs left to sit on?
Don't really need your affirmation one way or the other on my views or intelligence. The "born again tools" have 90% of it right. They just need to wake up and understand that the republican party has sold them down the river. Then they will have the other 10%.
I'm currently reading The Dollar Meltdown by Charles Goyette. Outstanding read. I am well aware as to many of the books points from previous research, but the book is an easy read putting the whole mess into perspective, while taking you through all the histroy involved, where we are presently in the collapse and where we are probably headed and what you can do to save your ass as best as possible. Many on this board know much of this stuff, but it is well written and gives good summary. Ron Paul gave it a bigtime thumbs up and says it is a must read. I agree. BTW, your household debt figures are approx. 25% under what they currently are according to the book. We are in big big doo doo. As we all know (except Johnny), the dollars days are numbered and catastrophic consequences await those that are unprepared.
Generally I consider you to have the intelligence of a dill pickle, but on this you are spot on. Unlike the rest of the born again tools, you actually understand that this has nothing to do with "Barry" and would be occurring if McCain had been elected.
look at it this way: We are seeing the same faces, over & over. If there were TRUE seperation between the two major political parties, you would see people GO AWAY. Instead, they are re-appointed, even in differant party-governments. Funny, they all are in two sectors: finance and intelligence. This is not a coincidence. Those in finance OWN EVERYBODY ELSE. Those in intelligence, are the keepers of the secrets, and have all the dirt on everybody. Does any one here REALLY know what Robert Gates has done, and what other "clubs' he is a member of? This is why so many men with a similar past has died under interesting circumstances. Forget about Obama. He is their salesman. They can always get another salesman. People give him too much credit. The real players are seldom if ever mentioned in the press.
Missy, I know you "conservative" types think that food stamp insult is just amazingly clever, but its as trite and silly as everything else that comes out of your vapid little mouth.
Yes that does seem to be the only work in your vocabulary..
Mitt Romney would certainly not be putting up with what passes for an Administration if he were running the country...and by the way if you think somebody who can readily beat the crooked KENNEDY's in their home state has nothing on the ball, perhaps you should LOOK IN THE MIRROR IF YOU WISH TO SEE A REAL CRETIN..
Your MOM just called to say you should stop to get more FREE FOOD STAMPS on the way home.
Thanks...it is now self-evident...sorry for the dopey question.
yes, they may be the only thing of value we have left, but if BARRY nationalizes things, he may be bright enough to take over the mines...yes??? Then we will be screwed also.
Disclosure; long HMY
i was telling people this 2 years ago when the debt was about 160k per person. The United States will cease to be a country in less than 5 years...
Every business will have to be nationalized by Barry the Chimp and then 'traded' to China in exchange for debt forgiveness...now lets see where that leaves u...
United States will be a SHELL OF A COUNTRY, with no assets, most people out of work, most homes foreclosed upon, no health care, people starving, civil unrest, and if bARRY has his way...we will all be walking around with our social security number printed on our forearms and have a tracking chip implanted so 'THEY' know where we are every second.
Jesus told the Jews in Biblical times that they would pray for the hills to fall on them.........that is where we will be ....I believe the world will end before than scenario plays out!
Sid, I'm not particularly fond of our "Barry" but he certainly does not deserve all the blame on the economic front. His political agenda (hidden as well as observable) is something altogether different. George W. certainly did not pull back the reins on spending. And our wonderful congress actually creates all the spending in the first place. I actually cringe more when I hear Reid and Pelosi speak than when Barry sets himself up in front of his teleprompters.
Change is definitely coming. How nervewracking that change will be, nobody knows for sure. I'm hoping for the best.
Sounds like mexico in the 70's!
The rich woke up poor overnight!gl cause its a cummin!
Will our gov seed power in dec?
Globalization then one world gov!Its coming via chimp and soros and the dems!Is it to late?